The cryptocurrency market has recently experienced significant turbulence, prompting widespread speculation among analysts and participants regarding the underlying causes. While a normal bear market cycle could be at play, the conversation intensified following controversial remarks from CNBC's Jim Cramer, who introduced a surprising claim that briefly impacted market sentiment and put a spotlight on a critical Bitcoin price level.
Jim Cramer's Controversial Claim & Market Reaction
Amidst the market downturn, Jim Cramer stirred controversy by asserting on CNBC's Squawk Box that the U.S. government was actively purchasing Bitcoin at the $60,000 price point to "fill the Bitcoin Reserve." This bold claim, made as Bitcoin dipped, was largely met with skepticism and derision by the crypto community, with many dismissing it as unsubstantiated rumor or even a misunderstanding of strategic reserves versus holdings. Notably, Cramer's statement lacked any on-chain evidence to support the supposed government activity. Despite the immediate backlash and lack of concrete proof, the rumor did have a tangible, albeit minor, effect on market confidence. Data indicated a modest 5% increase in the odds of a potential rate cut for the upcoming FOMC meeting, reflecting a slight boost in trader confidence, though overall probabilities remained low.
The Significance of Bitcoin's $60K Level
Irrespective of the validity of Cramer's claims, the $60,000 price level for Bitcoin has emerged as a crucial psychological and technical threshold. This zone has historically acted as a significant "order-block," previously initiating a rally that saw Bitcoin surge to $126,000 in 2025. Technical analysis provides mixed signals concerning this level: while an RSI divergence suggests that bearish pressure persists, increasing the likelihood of a potential break below, the Bitcoin Mayer Multiple currently stands at 0.6. This indicator suggests that BTC is undervalued, a condition often observed during bear market bottoms in past cycles (such as December 2018, March 2020, and November 2022), each of which was followed by a strong rebound. This alignment hints that while fear might still be present, the market could be absorbing it, potentially setting the stage for an upside move.
